Tech Talk for Friday August 2nd 2024

U.S. equity index futures were lower this morning. S&P 500 futures were down 98 points at 8:35 AM EDT.

S&P 500 futures dropped 41 points following release of the U.S. July Employment Report at 8:30 AM EDT. Consensus for July Non-farm Payrolls was a drop to 185,000 from a downwardly revised 179,000 in June. Actual was 114,000. Consensus for July Unemployment Rate was unchanged from June at 4.1%. Actual was an increase to 4.3%. Consensus for July Average Hourly Earnings was a 0.3% increase versus a 0.3% increase in June. Actual was a 0.2% increase.

Apple added $1.95 to $220.31 following release of quarterly results

Snap plunged $2.30 to $10.50 after reporting less than consensus quarterly results.

Amazon dropped $12.48 to $171.59 following release of lower than consensus second quarter revenues

Intel plunged $5.40 to $23.65 following release of less than consensus quarterly results. The company also suspended its dividend.

EquityClock's Stock Market Comment for August 2nd

This is an emerging risk-off market. See:

https://equityclock.com/2024/08/01/stock-market-outlook-for-august-2-2024/

Next Report

Next report is released on Monday August 5th (despite the holiday in Canada).

Technical Notes

Utilities SPDRs $XLU moved above $73.37 to an all-time high extending an intermediate uptrend. Led by a breakout by American Electric Power $AEP on a move above $99.38 to an all-time high.

Eurozone iShares $EZU moved below $48.06 completing a Head & Shoulders pattern.

Vietnam ETF $VNM moved below $11.84 extending an intermediate downtrend.

S&P 100 and NASDAQ 100 stocks moving below support extending an intermediate downtrend included Intel on a move below $24.73, CDW Corp on a move below $212.48,

Dollar Tree on a move below $101.83.

Agnico-Eagle Mines $AEM.TO a TSX 60 stock moved above Cdn$106.79 to an all-time high extending an intermediate uptrend.

Enbridge $ENB.TO a TSX 60 stock moved above Cdn$51.93 to an all-time high extending an intermediate uptrend.

CAE $CAE.TO a TSX 60 stock moved below Cdn$23.74 extending an intermediate downtrend.

Trader's Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for August 1st 2024

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for August 1st 2024

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 1st t 2024

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

NVDA POPS as Fed Hints at First Cut in September: David Keller

NVDA POPS as Fed Hints at First Cut in September - YouTube

Global oil inventories reached record deficit: Nuttall

Global oil inventories reached record deficit: Nuttall - YouTube

'Painful' Fed Announcement; Labor Market To Collapse Unless This Happens Quickly with David Lin

'Painful' Fed Announcement; Labor Market To Collapse Unless This Happens Quickly with David Lin - YouTube

Fed’s Admission Spells Big-Time TROUBLE Ahead! Tom Bowley

Fed’s Admission Spells Big-Time TROUBLE Ahead! - YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 8.40 to 64.60. It remains Overbought.

The long term Barometer dropped 5.20 to 74.80. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer dropped 8.85 to 69.03. It remains Overbought.

The long term Barometer dropped 2.65 to 78.76. It remains Overbought. Daily trend has turned down.

Disclaimer: Seasonality ratings and technical ratings offered in this report and at

www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed